Stocks Up, S&P And Nasdaq Make New All-Time Highs

Stocks closed mostly higher yesterday, with the S&P and the Nasdaq both making new all-time highs.

Traders continue to be optimistic that the U.S. and China will formally agree to and sign their Phase 1 Trade Agreement in the coming weeks.

But, of course, nothing is a sure thing until it's done. And yesterday's comments by President Trump underscored that when he said "if we don't make a deal, we're going to substantially raise those tariffs."

A signed deal will remove a fair amount of angst out of the market. And that should lead to even more gains. And in quicker fashion too.

Traders are also eyeing the USMCA deal.

There has been increasingly more talk that it will be brought to a vote in the House of Representatives by year's end. And those in the know insist there's more than enough votes to pass, and then sail through the Senate.

Analysts are saying that the passage of the USMCA will provide an even bigger boost to the economy and the market than a deal with China, since the U.S. exports more than 5 times as much to Canada and Mexico (our two largest trading partners), than to China (our third largest trading partner).

Given its bipartisan support, hopefully this happens sooner rather than later.

In the meantime, the economy looks great.

And so does the market.

See you tomorrow,

Kevin Matras

Executive Vice President, Zacks Investment Research

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